HSBC lost estimated 1billion to Ponzi Scheme

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HSBC announced Sunday last it may have lost 1 billion dollars to Bernard Madoffs alleged pyramid scheme. BNP Paribas and Banco Santander also reported potential loses in the 100s of millions.

You cant come up with news like this. It writes itself!!!
topics:  WTF,  Current,  Crime,  Money + add
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  • added December 15, 2008
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1 responses // HSBC lost estimated 1billion to Ponzi Scheme

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    Another mammoth investment scam?

    It is an odd world when the hardest hitting revelations about the anarchy of deregulation are not being churned out as pamphlets in some radical organization's basement, but in adamantly pro-business papers like The Financial Times.

    For a financial institution as wealthy as HSBC, a hit of $1 billion is an earnings dent, but that's not their real pain.

    Rich investors probably took it for granted that HSBC would cover their backs, vet the source fully and never be so foolhardy as to steer their fortunes into a black hole. Why ever damage the goodwill [and risk a decade of lawsuits] which would surely result in such a failure?

    Doubtless many high-priced lawyers now will demand such answers, and if they are not deemed satisfactory, HSBC will join too many other financial behemoths who never saw a time when optimism wasn't a better attitude than prudence and caution - with other people's wealth..

    AveryMoore

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